Millburn-Short Hills Home Sales Prices Increased in 2009

Editor's Note: Some of the figures provided for this article were incorrect. They have been updated.

Millburn-Short Hills homes sold for slightly more less on average in 2009 and spent more days on the market.

The average sale price in 2009 was $1.6 million $1.1 million, and homes spent 72 average days on the market. In 2008, the average sale price was $1.2 million, and homes spent 52 days on the market on average.

The median also was slightly more. In 2009, the median sale price was about $907,000 compared to about $860,000 in 2008.

The figures were provided by local real estate agent Perri Feldman, of Summit-based Keller Williams Realty. Feldman also is a Millburn-Short Hills resident.

August also was the big month for sales in Millburn-Short Hills with 34 sales. June was second with 30.

The average sale price for a home was slightly higher in the second half of 2009 at $1.2 million than it was in the first half at $1.1 million. Homes spent an average of 76 days on the market in the first half and an average of 70 in the second half.

Overall, Millburn-Short Hills housing prices have stayed up because of the strong school system, the ease of a commute into New York City and the vibrant downtown, Feldman said. The housing market has leveled and stabilized here, she said.

"I can tell by the many phone calls that I have been receiving from both buyers and sellers," she said. "I was just involved in a bidding war. I think the spring is arriving early this year."

Feldman said it's hard to pick one area over another in town that is a hot market. But buyers want "walkability" to transportation, stores and schools, a trend real estate agents are seeing up and down the Morris & Essex Midtown Direct train line.

Millburn-Short Hills does not have a waiting list for train station parking permits and valet parking at the Millburn Train Station, which is fortunate, Feldman said. Some towns have five-year waiting lists and little to no parking spaces, even for daily spots.